Securities and Exchange Commission Chair Paul Atkins testified before the House Financial Services Committee and the Senate Committee on Banking, Housing, and Urban Affairs last week, presenting a comprehensive overview and update of the SEC’s priorities and initiatives. Consistent with his various remarks since the start of his tenure, Atkins’ remarks centered on capital formation
Staff Report from the Office of the Advocate for Small Business Capital Formation: Part II
IPOs and Small Public Companies
As we noted in our prior post, the Office of the Advocate for Small Business Capital Formation recently issued its Staff Report for fiscal year 2025, which provides information on the Office’s activities. We discussed the Report’s findings with respect to reliance on exempt offerings as well as
Staff Report from the Office of the Advocate for Small Business Capital Formation
The Office of the Advocate for Small Business Capital Formation recently issued its Staff Report for fiscal year 2025, which provides information on the Office’s activities. As do prior reports, this Report provides a perspective and data on capital formation related to small and emerging businesses and exempt offerings; data related to mature and
Understanding the Spectrum of Permanent Capital Vehicles
Asset management vehicles, especially those regulated under the Investment Company Act of 1940 (the 1940 Act), are frequently painted with a broad brush and described as having the same or virtually indistinguishable characteristics. For a long while, many fund vehicles, like interval funds and tender offer funds, were not popular, barely attracting any attention from
Nasdaq Proposes 23-Hour Weekday Trading
On December 15, 2025, Nasdaq submitted a proposed rule change to the Securities and Exchange Commission (the “SEC”) seeking approval to expand significantly its equity trading hours. If approved, the change would allow trading in Nasdaq-listed equity securities and exchange-traded products for 23 hours per weekday, representing a notable shift in U.S. equity market structure.
House Passes Bipartisan Capital Formation Package: The INVEST Act
Today, the US House of Representatives passed a bipartisan capital formation bill, H.R. 3383 or the Incentivizing New Ventures and Economic Strength Through Capital Formation (“INVEST”) Act of 2025, 302 to 123. Announced by the US House Committee on Financial Services (the “Financial Services Committee”) on December 2, 2025, the INVEST Act includes more than
Open Now: Survey on Shareholder Proposals
The John L. Weinberg Center for Corporate Governance, in coalition with several major industry organizations, seeks to gather practical insights from companies, investors, and related professionals about the scope and effectiveness of the current federal shareholder proposal rule (Rule 14a-8) through a new survey.
Recent remarks from the Chairman of the U.S. Securities and Exchange Commission
SEC Investor Advisory Committee to Discuss Corporate Governance, Tokenization & AI Disclosure
The Investor Advisory Committee (the “Committee”) of the Securities and Exchange Commission (the “SEC”) will hold a virtual public meeting on December 4, 2025, to discuss corporate governance regulatory reforms and the emergence of tokenization of equity securities. In addition, the Committee will discuss a potential recommendation to the SEC relating to disclosure of the
2026 U.S. Annual Report and Proxy Season: It’s Go Time!
Although it may seem early, it is already time to start preparing for the 2026 annual report and proxy season. While many disclosure requirements remain consistent from prior years, there has been a significant shift in the focus of, and discourse relating to, the priorities of the Securities and Exchange Commission. Practitioners started to see
SEC Provides Updates on Implementation of Treasury Clearing Rules
On September 30, 2025, the Securities and Exchange Commission (“SEC”) issued a press release, providing updates to market participants on the progress of implementing the rules on central clearing of certain secondary market transactions in U.S. Treasury securities (the “Rules”). As we previously discussed, in February 2025, the SEC extended the compliance dates and